SRA launches consultation on client monies
The Solicitors Regulation Authority (SRA) has launched its anticipated consultation on client money in legal services to review whether it remains appropriate for law firms to continue to hold significant funds in their accounts. The regulator announced plans to launch its consultation last week with SRA Chair Anna Bradley saying the reforms would tighten the […]
Successful cyber attacks up 77% year on year
The legal sector has seen a 77% increase in the number of successful cyber attacks increase by 77% over the past 12 months, from 538 in 2022/23 to 954 2023/24. The increase has been driven by the sensitive and personal nature of information held by firms, including financial information which can be sold on the […]
PII costs “not expected to fall in the near term”
Joint research by the Legal Services Board (LSB) and Solicitors Regulation Authority (SRA) has identified key trends in the professional indemnity insurance market. The research found that the average PII premium is now equivalent to 5% of a law firm’s annual turnover but also points to the potential for continued market consolidation as one fifth […]
Update to the closure of the Solicitors Indemnity Fund
I have previously written about the SRA’s proposed closure of the Solicitors Indemnity Fund. The overwhelming response to the SRA’s consultation which ended in February 2022 was for the fund to remain open and as a result the fund was given a further year until September 2023. Since February 2022, the SRA have been consulting further. […]
SRA gives key consumer protection another chance
Following consultation on the future of post six-year run-off cover, the Solicitors Regulation Authority (SRA) has announced that it will seek a further 12-month extension to the Solicitors Indemnity Fund (SIF) – to September 2023 – to enable detailed consideration of key points raised in feedback. The consultation, which ran from November 2021 to January […]
Responding to customer needs in a space that’s ready for innovation
Responding to consumer needs and a feeling that now is the time that the estate administration space is ready to embrace innovation were key topics discussed in our recent webinar. Tower Street Finance’s Dicky Davies joined forces with Josif Grace from Legado and Aleks Tomczyk from Exizent to talk about innovation in estate administration, in […]
SRA extends post run off cover ahead of consultation
The Solicitors Regulation Authority (SRA) has decided to extend the Solicitors Indemnity Fund (SIF) by a further year in order to allow consultation on the future of post six-year run-off cover. The extension is subject to an affordability test because the fund is, in economic terms, now deemed beyond the time when a conventional insurance […]
Webinar: PII—Tips for Applying or Renewing in 2021
It’s never too early to start thinking about applying for or renewing your professional indemnity insurance (PII). While the process of applying for or renewing PII is likely not your favourite thing to do, with solicitors facing a more uncertain and volatile market than ever in 2021, forewarned is really forearmed. This 28 April, start […]
Your views wanted on cyber loss insurance clause
The Solicitors Regulation Authority (SRA) are calling for professionals in the legal sector to give their feedback on a clause which covers for cyber losses explicit in the minimum terms and conditions (MTC) of professional indemnity insurance (PII) policies. On the SRA’s website it states: We are consulting on a proposal to make a change […]
PII: the impact of the pandemic
Legal Eye MD Paul Saunders talks to Howdens Executive Director Martin Ellis and Divisional Director Colin Taylor about the impact of the pandemic on Professional Indemnity Insurance for law firms. As firms prepare for renewal points in April or October, this short video outlines some of the key trends amongst insurers and offers some tips […]
Lockdown 3.0 – a quick guide to robust risk management as we near the peak of the pandemic
Firms have achieved so much in such a short space of time and now is the right time to ensure we are building businesses that are right for 2021 and beyond. Legal Eye has been collating data from working with many firms during this period and has come up with check lists and suggestions that […]
Missing Beneficiary Insurance – Festive Family Reunions
DUAL Asset received a Missing Beneficiary claim last year where an elderly lady, living abroad decided to reconnect with her family back in the UK. They had lost touch many years ago. In turn, she then discovered she was entitled to an inheritance from a relative’s estate who had died the previous year. What prompted […]
Solicitors asked to check protection following SIF closure postponement
As a result of the coronavirus pandemic, the closure of new claims to the Solicitors’ Indemnity Fund (SIF) has been postponed until 30 September 2021. Although, the postponement gives solicitors another 12 months breathing space. Simon Davis, President of the Law Society of England and Wales has revealed that this doesn’t resolve “the underlying problem” […]
IUA Get A Response From The Law Society
Recently, we published that the International Underwriting Association of London (IUA), the trade body with the responsibility for underwriting professional indemnity insurance (PII) have written an open letter of the industry warning them about their PII renewals. The trade body was concerned that professional indemnity insurance (PII) “could become unsustainable” if underwriters couldn’t cancel policies where […]
IUA Write Open Letter To Legal Sector About PII
The International Underwriting Association of London (IUA), the trade body with the responsibility for underwriting professional indemnity insurance (PII) have written an open letter of the industry warning them about their PII renewals. In the letter, the IUA warns that the current risk taken on by PII providers for non-payment of excesses and premiums is […]
Act Now On PII Renewal Warns Law Society
The Law Society for England and Wales have sent out a rallying cry to the legal community, encouraging them to act now on their professional indemnity insurance (PII) renewal. Most firms still renew their PII on the old common renewal date of 1 October. This has always created a bottleneck, with underwriters and brokers rushing […]
Be Ready: PII Renewal Issues
With the next Professional Indemnity Insurance (PII) renewal date looming on the 1 October, here at Today’s Wills and Probate, we wanted to look at the current market conditions and renewal issues, so solicitors are fully informed and prepared. With a global pandemic, which resulted in the UK being put into lockdown, speculation of a […]
Ask The Expert: PII Preparedness And Disruptions
Despite some firms struggling to renew their PII in March, experts are assuring the sector that there are deals to be done, but firms must prepare. The spread of Covid-19 in the UK coincided with many law firms looking to renew their PII insurance with some claiming premiums have risen exponentially. At a time when […]
Accessing the Truth
Sometimes, as in life generally, you need to dig a bit deeper in order to discover the truth. This was certainly true of a Scottish claim, which the DUAL Asset team recently settled. The policy was taken out in August 2017 via the DUAL Asset online system, ‘My Defective Title Shop’. The system is bespoke and unique […]
Expert Offers Insight On Shrinking PII Sector And Implications
The second largest global insurance broker, Aon, announced their partial withdrawal from the Professional Indemnity Insurance (PII) market this summer leading many to speculate on the future of the insurance market for solicitors. Aon’s Maven scheme, providing PII for smaller law firms with between one to three partners, will not renew policies when they end […]
